As You Consider the Factors of Production, Which of the Following

question 90

Multiple Choice

As you consider the factors of production, which of the following did management theorist Peter Drucker believe to be one of the most important contributing factors to increasing our nation's wealth?

• A) Land
• B) Labor
• C) Knowledge
• D) Capital

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Definitions:

Purchasing Manager

A professional responsible for sourcing goods and services for a company, negotiating contracts, and managing supply chain relations.

Appropriate Suppliers

Vendors or providers that meet specific criteria for quality, reliability, and ethical standards, suitable for a business's needs.

Transportation Of Goods

The process of moving products from one location to another, often involving various modes of transport such as trucks, ships, or planes.

Inventory Carrying Costs

The total costs associated with holding and storing inventory, including warehousing, insurance, depreciation, and opportunity costs.